EU and US could reach trade deal this weekend - Reuters
Ally Financial Inc. (NYSE:ALLY), a $10.29 billion financial services company, announced the results of its shareholder meeting and shared insights from the CEO’s remarks. According to InvestingPro data, the company maintains a 3.69% dividend yield and has sustained dividend payments for 10 consecutive years. On Monday, the company held its annual meeting where various proposals were put to vote.
The first proposal involved the election of directors, with all nominees receiving a majority of votes for their appointment. The second proposal, an advisory vote on executive compensation, was approved with 161,820,133 votes for and 95,339,975 votes against. The third proposal, ratification of Deloitte & Touche LLP as the company’s independent auditor for 2025, passed with overwhelming support.
Additionally, during the meeting, Ally’s CEO delivered remarks, the transcript of which is included as Exhibit 99.1 in the 8-K filing. The information provided in the CEO’s statement is for informational purposes and is not considered filed under the Securities Exchange Act of 1934.
The detailed voting results and the CEO’s remarks are based on a press release statement. This announcement serves to inform shareholders and the public of the outcomes of the meeting and the perspectives shared by the company’s leadership.
In other recent news, Ally Financial reported its first-quarter 2025 earnings, exceeding analysts’ expectations with an adjusted earnings per share (EPS) of $0.58, surpassing the forecasted $0.47. The company’s adjusted net revenue reached $2.1 billion, outpacing the anticipated $2.03 billion. Ally Financial also announced the completion of its credit card business sale on April 1, 2025, as part of a strategy to focus on core operations. Additionally, the company decided to stop accepting new mortgage applications after January 31, 2025, with a plan to phase out its consumer mortgage loan portfolio in the second quarter of 2025.
Analysts’ opinions on Ally Financial varied, with Barclays (LON:BARC) maintaining an Equalweight rating and a $44 price target, while Truist Securities lowered its price target to $41 from $45 but maintained a Buy rating. Truist’s revision followed the inclusion of a securities loss in the first quarter into earnings estimates, adjusting the EPS forecast for 2025 to $2.20 from $3.03. The firm also noted potential for margin expansion and growth in tangible book value as positive factors for the company’s future.
Ally Financial’s strategic moves include focusing on auto lending and digital banking, with record auto loan applications and increased digital banking engagement highlighted. The company also announced a 19 basis points impact on its Common Equity Tier 1 (CET1) capital due to the phasing in of the Current Expected Credit Losses (CECL) impact. These developments reflect Ally Financial’s efforts to streamline operations and concentrate on its core business areas amidst ongoing market uncertainties.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.